ATLANTIC CITY, NJ-The state’s top casino regulator confirmed published reports that the Revel casino and hotel is seeking outside assistance with its finances.
David Rebuck, director of the state Division of Gaming Enforcement, says Atlantic City’s newest casino continues to negotiate with its lenders.
“What I do know is they are looking for outside assistance beyond their management structure,” Rebuck says. He adds that he could not say if a bankruptcy filing is likely for Revel, according to The Record.
The Wall Street Journal, reported Wednesday that Revel had retained a law firm and an investment bank in connection with a possible pre-packaged bankruptcy filing, according to its sources.
The casino opened in April, but has struggled since generating revenues near the bottom of Atlantic City’s 12 casinos. See Associated Press story in The Record.